Key Business Growth Strategies during and after COVID19

With people working longer and retiring later, your super account is not something you can afford to ignore. Even if you only make a small contribution out of every paycheck, or a small lump sum at the end of each year, it can go a long way to boosting your numbers.

In 1992, the government made superannuation compulsory to ensure that every working Australian saved for their retirement. The policy aimed to address the challenge of retirement income in three ways.

For many, the prospect of retiring by age 50 seems like nothing more than a dream. The cost of simply living day-to-day without being employed in the labour force is enough to keep people working well past age 50, but with the right planning, preparation, savings habits and attitude, retiring by 50 can be an attainable goal.

The sooner you start thinking about retirement, the better: it’s a truth that many people have had drummed into them since their first days on the job. Just as important as starting to save as early as possible, however, is how much you save toward retirement. How much money do you really need to retire and live comfortably during your senior years? Read more to find out.

A superannuation allocated pension is started with a lump sum of money that you are paid from your superannuation account when you reach the appropriate age based on your birth year. This age is somewhere between the ages of 55-60. If you were born after 1 July 1964 you will have to wait until you are 60 to open such an account. Learn more.

As super death benefits don’t automatically form part of your Will, it’s important you nominate a beneficiary so your super fund knows who you want to get your super after you are gone. Find out how.